2013 house prices 7.5% higher than 2012. Property Needed.
Halifax has reported average house prices in the three months to November were 7.7 percent higher than a year earlier compared to an annual 6.9 percent rise in the three months to October.
This now puts the average price of a home in the UK at £174,910, after prices increased 1.1 per cent between October and November, according to the latest house price index from the lender, now part of Lloyds Banking Group.
Prices have now risen for 10 consecutive months, although the average price is still 12 per cent below the August 2007 peak.
The three-month on three-month comparison, which represents a more accurate picture of the market as it excludes short-term fluctuations, showed that prices rose by 2.1% in the three months to the end of November compared with the previous quarter.
Halifax housing economist Martin Ellis says stronger demand, combined with an insufficient increase in housing supply, has pushed up house prices.
“Low interest rates, improvements in consumer confidence and official schemes, such as Funding for Lending and Help to Buy, all appear to have boosted demand. However, continuing pressures on household finances, as earnings fail to keep pace with consumer price inflation, are expected to remain a constraint on the rate of growth of house prices.
“We are also seeing signs of a revival in housebuilding, which should help bring supply and demand into better balance and curb upward pressure on prices over the medium and longer terms.”